Commonwealth of Virginia Single Audit Report for the Year Ended ...

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Estimated Completion Date: All vacancies were filled in October 2011. All new hires have received extensive training. Cross training is ongoing. Management Plan for Corrective Action for Southwest Virginia Community College Cross training is underway and will be ongoing. Financial Aid will also work to update their procedures manual to include COD information and changes that are taking place for 2011-12. Responsible Party: Financial Aid Officer Estimated Completion Date: Cross-training has begun and will be ongoing. Procedures manual will be complete by March 30, 2012. 11-24: Reconcile Financial Aid Activity to Federal Systems Applicable to: Dabney S. Lancaster Community College New River Community College Virginia Western Community College Federal Program Name and CFDA#: Student Financial Aid Compliance Requirement: Special Tests and Provisions Type of Finding: Internal Control and Compliance These Colleges are not reconciling their accounting records with the Direct Loan Servicing System (DLSS) or their Pell financial records with the Common Origination and Disbursement (COD) system. In accordance with 34 CFR 685.301(e) and 34 CFR 685.201(b), colleges must report all loan disbursements and submit required records to the Direct Loan Servicing System via the COD within 30 days of disbursement. Each month, the COD provides the college with a School Account Statement (SAS) data file which consists of a Cash Summary, Cash Detail, and Loan Detail records. The Financial Aid Office should reconcile its financial records with those of the Federal Government monthly to help ensure the accuracy and completeness of both sets of records. Management Plan for Corrective Action for Dabney S. Lancaster Community College The Financial Aid Office has implemented procedures to ensure that the college is reconciling the accounting records with the Direct Loan Servicing System and the Common Origination and Disbursement system. Responsible Party: Director of Financial Aid Estimated Completion Date: August 2011 39
Management Plan for Corrective Action for New River Community College The Financial Aid Office has implemented a monthly procedure to receive and reconcile the School Account Statement (SAS) to its financial records. A reconciliation spreadsheet is prepared, reviewed and retained in the Financial Aid Office each month. Responsible Party: Director of Financial Aid Estimated Completion Date: August 8, 2011 Management Plan for Corrective Action for Virginia Western Community College The college developed a process to ensure reconciliation of the Direct Loan and Pell grants on a regular basis. Direct Loans will be reviewed monthly and Pell grants will be reviewed at least quarterly. Responsible Party: Coordinator of Financial Aid/Veteran’s Affairs Estimated Completion Date: March 2012 11-25: Properly Calculate and Return Title IV Funds Applicable to: New River Community College Southwest Virginia Community College Dabney S. Lancaster Community College Virginia Western Community College Federal Program Name and CFDA#: Student Financial Aid Compliance Requirement: Special Tests and Provisions Type of Finding: Internal Control and Compliance Student Financial Aid offices at these colleges did not properly calculate Return of Title IV funds for students who officially or unofficially withdrew from courses and no-longer qualified for Federal Financial Aid. New River Community College inaccurately calculated return of Title IV funds for students that withdrew in fall 2010 and spring 2011. We found errors in 26 out of 31 student accounts tested resulting in the College incorrectly returning $2,830 in Title IV funds to the U. S. Department of Education. In spring 2011, the College incorrectly reduced the original award amounts prior to completing the return to Title IV calculation resulting in the total grants and loans awarded, for the purposes of the calculation, to be understated. The Code of Federal Regulations 668.22 (e) (ii) requires the College to calculate the percentage earned by the student on the total of the Title IV grants and loans awarded. In fall 2010 the College used an inaccurate number of days in the semester for the purpose of determining the proportion of unearned financial aid. 40
Page 1 and 2: COMMONWEALTH OF VIRGINIA SINGLE AUD
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Page 5 and 6: INDEPENDENT AUDITOR’S REPORT ON I
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Page 9 and 10: prepare the financial statements. T
Page 11 and 12: 84.318, 84.386 Educational Technolo
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COMMONWEALTH OF VIRGINIA Schedule o
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financial assistance will be reflec
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CFDA # Federal Program Name Amount
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COMMONWEALTH OF VIRGINIA CONTACT LI
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